We all start learning a language one word at a time, from folks in Parma, OH to the other side of the world. At Capretta Insurance Agency, we understand that the jargon can be overwhelming, but understanding the basics is important for getting the most value out of your money. If you’re starting a new business or looking to change your coverage, picking up these terms will help get you started.
Policy
The insurance policy outlines all the details of your insurance coverage.
Covered Perils or Causes of Damage
When you see a reference to a covered peril or cause of damage, it’s related to the type of incident the insurance will cover. Commercial insurance lists its perils in an inclusive manner, meaning that only causes mentioned in the policy are covered.
Commercial Property
Your office building, the business personal property, and the personal property of others are referred to as commercial property.
Business Personal Property
Anything belonging to your business, from a flashlight to the lights in the lobby, is the business’s personal property.
Personal Property of Others
Anything in your care belonging to another company or person is considered the personal property of others.
Commercial Auto Insurance
Like homeowners’ and auto insurance, commercial liability insurance and commercial auto insurance are two separate coverage policies. If your business has a workplace vehicle, you’ll need commercial auto coverage.
Claim
A claim is the process of reporting an incident to your insurance provider and seeing if they will pay for the damages.
Liability Limit
This is the maximum amount the policy will pay if they decide that your claim meets the terms of your policy.
Premium
The premium is your regularly occurring cost for having the policy in effect.
Agent
An insurance agent is someone who knows insurance and can help you find a provider that meets your needs, like us here at Capretta Insurance Agency in Parma, OH.
